ARVADA, Colo. – Safe Harbor Private Banking, the subsidiary of Partner Colorado Credit Union that provides banking services to the legalized cannabis industry, said it has entered into an agreement with debit payment network CanPay.
According to Safe Harbor, the CanPay mobile app allows customers at cannabis retailers to make purchases using a direct debit from their checking account. Payments-related issues have long been a significant obstacle when it comes to serving marijuana-related companies.
“At Safe Harbor, through our cannabis banking program, we’re committed to keeping communities safer by taking cash off the streets and helping our Safe Harbor members do business in a more secure environment,” said Sundie Seefried, CEO of Safe Harbor Private Banking. “By offering this debit transaction option to our Safe Harbor members, this will reduce the number of cash transactions, while providing a digitized record of purchases.”
Dutin Eide, CEO of Littleton, Colo.-based CanPay, said the company works only with “financial institutions that operate compliance programs to help ensure only legitimate transactions from licensed and compliant retailers are allowed to flow through the network.”